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Business loss

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(Querist)
10 March 2012 Can a person carry forward a business loss despite of late filing of return?
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
10 March 2012 In case of belated return carry forward of loss is not allowed
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 March 2012 Section 80 has a mandate that the loss determined in pursuance of a return filed u/s 139(3) is only eligible for carry forward and set off ,meaning thereby loss of belated return can't be carried forward for the purpose of set off.
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